Microsoft Excel is one of the most utilized programs in business. It offers solid analytics, graphics, and ability to summarize and analyze large amounts of data. Collaboration has been improved through the addition of the Excel Web App.
Despite it's popularity, there are huge risks using Excel for major accounting and AP tasks. The program doesn’t offer the types of audit trails nor security that any major business requires with these crucial business functions.
When used for its intended purposes, Excel can be very helpful, but over-relying on its capabilities presents huge risks. There is no automated error checking. Attempting to execute manual error checks is highly complicated. Fraud is a huge concern as numbers are easily changed, without an audit trail. The user experience is not always intuitive for users of different experience levels.
A better way forward exists-Real-time applications serve the business more fully by securely integrating with existing systems including enterprise resource planning, general ledger, scheduling, procurement, contract management and documentation systems. Organizations who go down this path experience incredible benefits on efficiency, user experience, compliance and security.
Business of all sizes and industries are reaping the rewards of innovating away from Excel, including market-leader Siemens. See how they did it.